Next Technology Holding
NXTT on Nasdaq. Next Technology Holding sells AI software services to customers in Asia and holds bitcoin. Market value $781m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$5.31 a share, 18% above its 1-year low
Over the past year the price has ranged from $4.51 to $1,949.00.
Pays no dividend
Prices from Monday’s close (2 November).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $14m | $12m | $3m | $2m | $12m |
| Operating margin | |||||
| Operating margin | 41.7% | -58.2% | -47.0% | -0.9% | -690.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.20bn | 0.00bn | 0.01bn | 0.00bn | 0.15bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 13.1% a year
- Buying back its own sharesYes, 24% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $30 million, after a profit of $119 million a year ago.
- 6640% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $1m |
| December 2024 | $8m |
| March 2025 | $193m |
| June 2025 | $119m |
| September 2025 | -$17m |
| December 2025 | -$152m |
| March 2026 | -$106m |
| June 2026 | -$30m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 23 October 2026
Who owns it
None of the long-term investors we follow own it. 13 funds in all.
Largest holders overall
- Invesco$191,661New
- HRT Financial LP$47,000New
- XTX Topco$19,398Cut
- Bridgeway Capital Management$11,254
- Empowered Funds$11,254
- Tower Research Capital LLC (TRC)$6,164New
- UBS Group AG$5,110Added
- JPMorgan Chase$1,068New
- NewEdge Advisors$555
- Caitong International Asset Management$11Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
2 serious warning signs in Next Technology Holding’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 24 Jul 2026 and 1 later 8-K.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.
“Based on this evaluation, our management concluded that as of December 31, 2025, we did not maintain effective internal control over financial reporting.”
Show the full paragraph
Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework - Guidance for Smaller Public Companies (the COSO criteria). Based on our assessment, management identified material weaknesses related to: (i) lack of US GAAP expertise in finance team; (ii) a lack of segregation of duties within accounting functions; and (iii) the lack of multiple levels of review of our accounting data. Based on this evaluation, our management concluded that as of December 31, 2025, we did not maintain effective internal control over financial reporting.
From the 10-K filed 31 March 2026, Item 9A. Controls and Procedures. Read it in the filing
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 12 Dec 2024: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 12 December 2024: Previously issued accounts should no longer be relied on. Open the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“Following discussions among the Audit Committee of the Board of Directors (the “Audit Committee”) of Next Technology Holding Inc. (the “Company”), on January 21, 2026, the Audit Committee and management of the Company elected to change the Company’s independent registered public accounting firm by dismissing JWF Assurance PAC (“JWF”) and engaging CHI-LLTC (“CHI”), with the change becoming effective on that date.”
From an 8-K filed 23 January 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.